Applying too many credit cards will first affect personal credit and mortgage loans. Secondly, having too many cards will increase the difficulty of management, and the possibility of being stolen will also increase accordingly.
1. Applying for multiple credit cards at the same time may affect your credit report
Because there is a very important reference basis for credit card approval - the credit report, that is, when we apply for a credit card, the The bank will check our credit report, and there will be a record of this inquiry on your credit report the next day.
2. Holding multiple credit cards may affect your mortgage loan
The China Payments and Clearing Association issued the "Guidelines for Risk Control and Security Management of Bank Card Business", requiring banks to strictly control multiple cards per person. , In the case of excessive credit extension, cardholders will be blocked from applying for credit card overdrafts that are much higher than their personal income levels. Therefore, if there are too many credit cards and the total credit limit is too high, it will be difficult to apply for a credit card, and even applying for a loan will be affected to a certain extent.
3. Cards are difficult to manage, and they may expire if you are not careful.
There are too many cards, and each card is in an open status, making it difficult to manage. First of all, credit cards generally have annual fees. You need to swipe the card a certain number of times or in an amount to be exempted from the annual fee. If you don't swipe the card the required number of times or in the amount, you will have to bear the loss of the annual fee. In addition, if you use multiple credit cards, if any one of them is not repaid on time, it will become overdue, accrue interest, and ruin your credit report.
4. Existing risks in credit card transactions
Banks have their own anti-fraud departments and risk identification systems, which can identify risky transactions through manual inspection of big data.
5. The possibility of fraud increases
Holding multiple credit cards is not only difficult for management, but also greatly increases the possibility of fraud.